What you need to know about Long Term Care Insurance

5/5/2014

Wink Martini here with another few nuggets of knowledge that I like to refer to as Wink’s Wisdom. Today I’d like to take a few minutes to talk about Long Term Care Insurance. When it comes to getting a little help for mom or dad, there’s really only 2 main ways of paying for it – you can either pay out of pocket, or use Long Term Care Insurance. Most folks aren’t living large off of royalty checks from their famous game show like I am, so paying out of pocket can be a bit of a stretch. If you’re a forward thinker – the type that was listening to cassette tapes when everyone else was fumbling around with 8 tracks – then you’ve probably looked into the benefits of Long Term Care Insurance.

Here are a few tips to help you decide if Long Term Care Insurance is the right choice for you.

  1. Shop around to know when to purchase – Each carrier’s model is a little different; therefore, each carrier has a different “sweet spot” when it comes to signing up. If I’ve learned anything in life, it’s how to find the sweet spot! Get information from several carriers and learn about their pricing model. One size does not fit all.
  2. Know your benefit limits – All policies have limits, but those limits can vary greatly. Depending on the policy, you will have some combination of daily, weekly, and total policy maximum dollar figures. A typical policy will have something in the neighborhood of a $150 per day maximum. Know your maximums – otherwise you could get stuck paying the difference!
  3. Plan ahead for your Elimination Period – the vast majority of policies will have an Elimination Period. The standard period is 90 service days. Think of this like a deductible – you’ll have to pay out of pocket until your Elimination Period is fulfilled. After that, the insurance company will begin paying for care. Plan accordingly so that you have the funds available to cover the costs of the Elimination Period.

If you have any questions, feel free to shoot me an email at Wink@2ndFamily.com.

2nd Family Makes a Difference in the Lives of Families Throughout Maryland. Click to View the Areas.

Carroll County: Finksburg (21048), Hampstead (21074), Manchester (21102), Marriottsville (21104), Reisterstown (21136), Upperco (21155), Westminster (21157,21158), Keymar (21757), Mount Airy (21771), New Windsor (21776), Sykesville (21784), Taneytown (21787), Union Bridge (21791), Woodbine (21797)

Baltimore County: Baldwin (21013), Cockeysville (21030), Hunt Valley (21031), Ellicott City (21043), Fork (21051), Freeland (21053), Glen Arm (21057), Glyndon (21071), Hampstead (21074), Hydes (21082), Joppa (21085), Kingsville (21087), Lutherville (21093, 21094), Timonium (21204), Manchester (21102), Marriottsville (21104), Monkton (21111), Owings Mills (21117), Parkton (21120), Perry Hall (21128), Phoenix (21131), Randallstown (21133), Reisterstown (21136), Sparks Glencoe (21152), Stevenson (21153), Upperco (21155), Upper Falls (21156), White Hall (21161), White Marsh (21162), Woodstock (21163), Towson (21204, 21286), Gwynn Oak (21207), Pikesville (21208), Baltimore (21206, 21209, 21210, 21212, 21215, 21224, 21229, 21235, 21239, 21241, 21250, 21252, 21282, 21284, 21285), Sparrows Point (21219), Middle River (21220), Essex (21221),Dundalk (21222), Halethorpe (21227), Catonsville (21228), Parkville (21234), Nottingham (21236), Rosedale (21237), Windsor Mill (21244), Boring (21020), Brooklandville (21022), Butler (21023), Chase (21027), Fort Howard (21052), Hunt Valley (21065), Long Green (21092), Maryland Line (21105), Riderwood (21139)

Baltimore City: Baltimore (21201, 21202, 21205, 21211, 21214, 21216, 21218, 21231, 21251, 21287, 21203, 21233, 21263, 21264, 21265, 21270, 21273, 21274, 21275, 21278, 21279, 21280, 21281, 21283, 21288, 21290, 21297, 21298), Raspeburg (21206), Gwynn Oak (21207), Pikesville (21208), Mt Washington (21209), Roland Park (21210), Govans (21212), Clifton (21213), Arlington (21215), Druid (21217), Dundalk (21222), Franklin (21223), Highlandtown (21224), Brooklyn (21225), Curtis Bay (21226), Halethorpe (21227), Catonsville (21228), Carroll (21229), Morrell Park (21230), Parkville (21234), Nottingham (21236), Rosedale (21237), Northwood (21239)

Howard County: Annapolis Junction (20701), Laurel (20723), Fulton (20759), Savage (20763), Highland (20777), Jessup (20794), Brookeville (20833), Clarksville (21029), Dayton (21036), Ellicott City (21042, 21043, 21041), Columbia (21044, 21045, 21046), Elkridge (21075), Hanover (21076), Marriottsville (21104), Woodstock (21163), Cooksville (21723), Glenelg (21737), Glenwood (21738), Mount Airy (21771), Sykesville (21784), West Friendship (21794), Woodbine (21797), Simpsonville (21150), Lisbon (21765

Montgomery County: Laurel (20707), Highland (20777), Glen Echo (20812), Bethesda (20814, 20816, 20817, 20889, 20892, 20894, 20813, 20824, 20827), Chevy Chase (20815, 20825), Cabin John (20818), Olney (20832, 20830), Brookeville (20833), Barnesville (20838), Beallsville (20839), Boyds (20841), Dickerson (20842), Rockville (20850, 20851, 20852, 20853, 20847, 20848, 20849) Potomac (20854, 20859), Derwood (20855), Sandy Spring (20860), Ashton (20861), Brinklow (20862), Burtonsville (20866), Spencerville (20868), Clarksburg (20871), Damascus (20872), Germantown (20874, 20876, 20875), Gaithersburg (20877, 20878, 20879, 20882, 20899, 20884, 20885, 20898), Montgomery Village (20886), Kensington (20895, 20891), Silver Spring (20901, 20902, 20903, 20904, 20905, 20906, 20910, 20907, 20908, 20911, 20914, 20915, 20916), Takoma Park (20912, 20913), Mount Airy (21771), Woodbine (21797), Washington (20088), Hyattsville (20787), Washington Grove (20880), Garrett Park (20896)

Frederick County: Frederick (21701, 21702, 21703), Woodsboro (21798), New Market (21774), Walkersville (21793) Monrovia (21770), Clarksburg (20871), Ijamsville (21754)

If you don't see your area listed, please contact us as our service area is continually growing.

areas serviced

Contact 2nd Family to Learn What Homecare Options are Right For You.

experience you can trust.